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A pour-over will allows for all of your assets to be immediately transferred into your trust upon your death. This maximizes asset protection and will allow for a smooth transition and transfer of assets to your beneficiaries after you pass away.
A pour-over will ensures that all of your assets are controlled by just one document-the trust document. After all, on the face of it, the basic purpose of the will is to transfer your assets into a trust in order to distribute them to designated beneficiaries. So is a pour-over will redundant? Not at all! A pour-over will ensures clarity, by making it clear whom the designated beneficiaries are. In other words, managing your estate and assets is much simpler when it is controlled by one, single document-a pour-over will.
A pour-over will also ensures that the assets that are transferred into your trust immediately upon your death will remain private. The trust itself is already private, but the pour-over will ensures that additional details regarding assets added into the trust will remain even more so.
However, a pour-over will is still a will, which means that all assets put into the trust become eligible for probate. Therefore, your beneficiaries may have to wait a while longer before receiving their inheritance.
To learn who use revocable living trusts and more about pour-over wills and how they may benefit your specific situation, contact Citadel Law Corporation today at (800) 662-0882 and speak with an Orange County estate planning lawyer.
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